The Federal Reserve decided Wednesday to pump another $600 billion into the economy in the hopes of bolstering what it called a “disappointingly slow” recovery.

The capital injection will come in the form of purchases of long-term Treasury securities by the central bank, about $75 billion a month between now and the end of June 2011. This is a bit more unique than QE1, the FED has outlined how and when the the pruchases will be made.

Fed officials said they also plan to continue reinvesting principal payments from existing securities holdings. According to a separate announcement put out by the Federal Reserve Bank of New York – essentially the central bank’s money manager – these reinvestments will amount to another $250 billion to $300 billion in Treasury bond purchases over the same period.

The goal is to buoy economic growth by keeping interest rates low. By throwing more money into the financial system, the Federal Reserve is hoping banks will lend more, allowing consumers to purchase a home or refinance their mortgages and giving businesses the capital they need to grow their operations.

If it plays out correctly, the move is expected to spur spending, foster job creation, and keep deflation in check.